The Ibex 35 increases its declines after the turnaround of CaixaBank and the report on the employment in the United States

The fall of CaixaBank dragging down other banks, such as Sabadellwho also makes dark cuts, Bankinter and Unicaja.

The ibex, meanwhile, is moving away from the important resistance at 9,200 points.The level that it exceeded yesterday and that it would be very interesting if it managed to exceed during the weekly closing price. However, Bolsamania analysts have been warning for several days now that of an impending correction due to high overbought levels in the index..

All in all, one can certainly say that the banks were among the big players of the week. BBVA and Santander rose sharply after their results were released, although Unicaja fell sharply on Tuesday after Disappointing with its quarterly figures.. Despite this, it is true that one can say that Banks have done very well this earnings season.with record figures and The controversy has centered onThe government took the opportunity to call on them to to capped variable rate mortgages now that they are earning more.

Apart from the results, the Ibex and the rest of the world’s stock exchanges rose this week because the Federal Reserve (Fed) finally seems to be slowing the pace of its rate hikes. and because Jerome Powell recognized that disinflation – deceleration of inflation – “has begun”.. As for Christine Lagarde, we can say that she completed the script.with yesterday’s announcement of a 50 basis point rate hike, as expected, and the warning of another such hike in March.

“While central banks would like to give the impression that they still have a long way to go before proceeding with further rate hikes, the markets are taking the opposite view, assuming, rightly or wrongly, that we are close to a peak in terms of rates.Michael Hewson, head of research at CMC Markets in London, comments.

THREE GIANT GE GE IN US

Going back to the results, those published this week in the United States were also very relevant. Last night they confessed at the market Alphabet, Apple and Amazon.

In the case of Alphabet, scraps after disappointing accounts. Net income for the fourth quarter was $13.624 billion, well below the $20.642 billion in the same period of 2021.

As for Apple, also cuts posts after announcing figures for the first quarter of fiscal year 2023 of $1.88 in earnings per share, below the $1.94 expected by the market. In absolute terms, the profit for the quarter amounted to 1.5 billion euros. USD 29.998 billion, down from USD 34.630 billion. 34.63 billion euros in the same period last year.

Finally, Amazon gives in after announcing earnings per share of $0.03, lower than the $0.18 expected by the market. Net sales increased 9% to 149.2 billion in the fourth quarter, compared to 137.4 billion for the same period of 2021.

Other companies such as. Qualcomm or Starbucks also presented their quarterly figures. In the case of the technology and semiconductor company, its first fiscal quarter ended with a reduction in profit to 2,044 million, while the cafe chain increased its profits by 4.8% between October and December.

MORE RELEVANT MACROECONOMIC DATA

Macroeconomic benchmarks were also key throughout the week, in which Eurozone GDP and CPI have been released.among other data, such as the Manufacturing PMIs.

Furthermore, the U.S. jobs report for Januaryone of the main benchmarks for the Fed, showed hiring hit an all-time high. 517,000 new non-agricultural jobs.. The consensus estimate called for a drop to 185,000 from 260 in January. “Today we had a stunning number on non-farm payrolls in the United States; the reading was so good that many had to recheck it to make sure there was nothing wrong. The data confirmed that the US labor market is not only strong, but robust, and that recession fears are unnecessary.“, says Naeem Aslam, chief market analyst at AvaTrade.

“In terms of market reactions, the first reaction was negative, because Traders fear that the Federal Reserve will adopt a more expansionary monetary policy.given the strength of the labor market and its inflation target. However, the reality is that today’s number is good for the US economy, which is likely to encourage traders to bet on riskier assets. once the dust settles,” he adds.

Prior to the employment report, it was learned that January services PMIs for Spain, Italy, France, Germany and the UK have been released.of which showed improvement thanks to the recent drop in energy prices, which has eased the pressure on consumers’ pockets. On another side, the US services sector remains in contraction territory.but improved slightly in January.

OTHER MARKETS

The euro is trading at 1.0926 dollars (+0.15%). Oil prices are falling moderately. Brent is at $81.88 and WTI at $75.67.

Gold lost 0.34% ($1,924) and silver 0.47% ($23.50).

Bitcoin fell 1.5% ($23,433) and Ethereum fell 1.7% ($1,642).

The yield on the US 10-year bond is 3.39%.